Senior Citizen Fixed Deposit - Features of Senior Citizen FD by Kotak Mahindra Bank

Senior Citizen Fixed Deposit - Features of Senior Citizen FD by Kotak Mahindra Bank

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Senior Citizen Fixed Deposit

The Kotak Mahindra Senior Citizen Fixed Deposit is designed to facilitate senior citizens with maximum returns on their savings. That’s why, this deposit offers special rates for all Resident Indian Individuals over the age of 60.

Attractive interest rates

Make a deposit of as low as
Rs. 5,000/-

Booking period
7 days to 10 years

Choose to receive interest monthly,
quarterly or keep it invested till maturity

Kotak Bank customers can Book
Fixed Deposits online through Net Banking

Partial/Premature withdrawal
of Fixed Deposit is permitted

Nomination facility is available

Liquidity through sweep-in facility

Flexibility to keep your
financial portfolio diversified

Avail Overdraft facility
against Fixed Deposit

Disclaimers: For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

For monthly pay-out Fixed Deposit, minimum tenure is 181 days and interest payout will be discounted based on the prevailing rates.

Frequently Asked Questions

How can I calculate the interest on my fixed deposit?

Access our online FD calculator and enter the amount and fixed interest rate offered to you. You will get the results within seconds.

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What is the rate of interest for fixed deposits with Kotak Bank?

The interest rate for fixed deposits with Kotak Bank varies with maturity period, deposit amount, type of depositor, etc. For instance, the rates on fixed deposits are higher for resident senior citizen individuals (age 60 years & above) compared to residing Indians under the age of 60 years, exception being FDs made through the feature of ActivMoney or Non-withdrawable FD, whereby senior citizen rate benefit is not offered)

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What are the minimum amount and maximum amount I can deposit in a fixed deposit?

At Kotak, you can start a fixed deposit with a minimum amount of Rs. 5,000.There isn’t any maximum limit for the fixed deposit amount.

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Can I withdraw my FD before maturity?

Yes, we have an option for premature withdrawal from fixed deposit (Except for tax saving or Non-withdrawable FD)

However, As per the Terms & Conditions of the bank for premature withdrawal, interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower, after deducting applicable penal charge for premature withdrawal

As per Terms & Conditions of Fixed Deposit Accounts of the Bank, the penal charge on premature closure of Fixed Deposits including partial closure has been fixed by the bank as below on Fixed Deposits booked/ renewed on or after 20th May, 2022.

Tenure of Fixed Deposit	Penalty
Less than equal to 180 days	Nil
Greater than 180 days to less than or equal to 364 days	0.50%
Greater than or equal to 365 days	1.00%

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Does any change or enhancement in my deposit portfolio affect TDS liability?

TDS is deducted every time the Bank pays/re-invests interest during the financial year. TDS is also deducted on unpaid interest accrued at the end of financial year viz. 31st March.

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